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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. Analysis: The share of companies in the Czech Republic that use a virtual office has risen to 25 percent. Analysts: Wage growth has lagged behind expectations, high-income countries are growing faster. Business activity in the eurozone unexpectedly fell in September, Germany faces a recession. CNB: The balance of payments ended the second quarter with a deficit of CZK 3.7 billion. The number of hundred-millionaires has increased by 54 percent in ten years, most in China and the USA. The budget deficit will be a maximum of CZK 231 billion next year, the state will not abolish the windfall tax. The CNB has lowered the interest rate to 4.25 percent, the decision was made by six members of the board. Reuters: China faces rising obesity due to economic problems and automation. IfW: German economy will continue to decline this year. US inflation fell to 2.5 percent in August, the lowest in three and a half years. Italian industrialists support a return to the core with the aim of reducing energy costs. Czech GDP grew by 0.6 percent in the second quarter, according to analysts, it is still held back by industry. The Czech National Bank will exchange banknotes and coins damaged in floods for people and companies. Analysts: The revival of consumption is gradual, the reason is concerns about the development of the economy. The Czech National Bank left the reserve rate for the protection of the credit market at 1.25 percent. According to the Ministry of Finance, the average wage in the Czech Republic could exceed CZK 54,000 within three years. Retail sales accelerated in July, but according to analysts, it is still slow. Prices in industry in the Czech Republic accelerated growth, while those in agriculture slowed down. The inflation rate in Germany slowed to 1.9 percent in August. CNB: Czech household debt rose to almost CZK 2.32 trillion in July. Reuters: The German economy will decline again this year, leading economic institutes expect. Inflation remained at 2.2 percent in August, exceeding the estimates of analysts and the CNB. The Spanish central bank increased its GDP growth estimate to 2.8 percent thanks to tourism.

Stock exchanges: The price of gold is at another record, surpassing USD 2,550 per troy ounce. The price of gold surpassed USD 2,500 per troy ounce for the first time in history. Silver climbed to a 12-year high, and gold is also breaking records.

Finance: Bloomberg: Floods in Central Europe will cause significant losses for insurance companies. Analysis: Banks are reducing interest rates on savings accounts, the highest are around four percent. Study: Fintech companies' revenues increased last year, but market valuations fell. Jet Investment Group sold the Třebíč-based Tedom Group to Japan's Yanmar Group. Hungary's central bank has suspended interest rate cuts. The Russian central bank has increased the base rate by one percentage point to 19 percent. Reuters: More and more ECB officials are leaning towards a September interest rate cut. Raiffeisen Bank shares are weakening after the shares of its branches in Russia were frozen. The Bank of Japan left interest rates unchanged. J&T Bank's net profit in the first half of the year rose by 27 percent to 3.94 billion crowns. Investors will buy back some of Revolut's shares, valuing the company at $45 billion. Hypoindex: The average mortgage rate fell by 0.04 points in September to 5.38 percent. Survey: People no longer insist on owning their own homes, only less than half want it. MF: The number of new building savings contracts increased by 4.1 percent in the first half of the year. CNB: Banks' net profit increased by eight percent in the first half of the year to CZK 59.9 billion. IMF agreed with Ukraine to release another $1.1 billion. Fed lowered the base interest rate by half a point to a range of 4.75 to 5.00 percent. Index: Mutual funds generally continued to make profits for investors in July.